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Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
 KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscielecki explains how the technology can be hugely beneficial for the shipping sector:
“Blockchain is the new buzzword in the shipping industry that is increasingly difficult to get away from. Many within the sector, however, are still wondering what blockchain technology is and how it works.
Blockchain explained
“Blockchain is essentially an online communication protocol allowing users who are interdependent to participate in a transaction, without any one user having more control over the transaction than the other users. All parties to the transaction have access to the same information and no one party can attempt to amend or vary the transaction unilaterally without acquiring the permission of the others.
“The whole process is guarded by sophisticated cryptography and the exact copies of the transaction’s ledger are distributed amongst the participants, making it is virtually impossible for the transaction to be manipulated by an external party.
Blockchain and shipping
“Blockchain could be harnessed in any scenario where multiple parties have to exchange a plethora of information in order to achieve an overarching goal, for example, the shipping of goods.
“For goods to be moved from one continent to another, numerous parties have to reach agreements by entering into contracts which will govern the various steps of this process. Some of these agreements, such as sales contracts, will provide an overarching roadmap for the desired outcome. Other contracts such as charter parties and bills of lading will then have to be entered into to facilitate this performance.
“Blockchain can enable a conversion of the contractual terms and conditions into self-executable computer software which automatically implements and polices the terms and conditions between the parties to the contract. As the technology progresses, the prospects are that natural language contracts might even be done away with completely and be replaced with a contract made entirely of code.
“The potential benefits from using smart contracts in shipping are substantial. Smart contracts can have a transformative effect on the maritime industry, leading to increased accuracy, security and transparency, as well as decreased reliance on intermediaries and savings of time.
“The predicted overall impact of blockchain and smart contracts on trade is significant. The World Economic Forum estimates that 10% of GDP will be stored on blockchain by 2027. . The first contracts to benefit from blockchain technologies are likely to be main underlying agreements like sales or trade contracts, charter parties and bills of lading.
Legal hurdles
“Due to the cross jurisdictional nature of the majority of blockchain contracts, basic contractual concepts such as ‘ownership’ or ‘title to goods’ can put hurdles in the way of their execution. The recognition of blockchain contracts by key jurisdictions will be crucial to securing parties’ rights of enforcement.
“However, electronic means for transmitting and exchanging information have been available for some time. Most jurisdictions therefore, no longer challenge the possibility for contracts to be created electronically.
“As the smart contracts technology is still in its infancy, we are yet to see how legal issues surrounding it will be resolved. Nevertheless, smart contracts will gradually become pervasive in the wider maritime industry. They offer a practical solution to issues which have negatively impacted trade for years. In time, law and regulations will undoubtedly develop to accommodate this impending commercial revolution and the uncertainties surrounding smart contracts will then gradually diminish.”
Source: UK P&I Club
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Tuesday, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit ...
Thursday, 15 March 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE PAYING IN THE LOW $13K TO S. CHINA AND HIGH $13K TO NORTH IN CHINA
Supramax
More activity from USG , front hauls to Far East have settled around $25000, and to Cont around $20000. Stable gain again in Black Sea w ...
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Showing 1766 to 1770 news of total 6871 |
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- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
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